IMF chief says rules, infrastructure needed to prevent risks
SEOL: The head of the International Monetary Fund (IMF) said on Thursday that crypto currencies need to be regulated because they pose risks to financial stability. "The challenge is that high crypto asset adoption could undermine macro-financial stability," the IMF's managing director, Kristalina Georgieva, said in her opening speech at a conference in Seoul on digital currencies. She said high crypto asset adoption could affect the effectiveness of monetary policy transmission, capital flow management measures and fiscal sustainability due to volatile tax collection. "Our goal is to make a more efficient, interoperable and accessible financial system by providing rules to avoid the risks of crypto, and infrastructure by leveraging some of its technologies," Georgieva said at the joint conference with the South Korean government and central bank. Rules are not meant to "return us to a pre-crypto world, nor to squash innovation," she said. ...